The survey was conducted after Brexit, and also showed that 80% of respondents believe it will bring new opportunities for their organisations. This is despite the majority of respondents saying the UK should have voted to remain in the EU (78% in Guernsey and 79% in Jersey).
EY says that the survey also showed nearly half (45%) of respondents working in asset management, private equity and real estate do not foresee a change in fund raising through Channel Islands’ structures, and 73% of organisations interviewed have commenced a review to assess the impact of Brexit on their business
EY’s Channel Islands Managing Partner, Andrew Dann, said; “For the Islands’ continued success it is essential that strategic, business and operational models are assessed and evaluated on the basis that the UK will leave the EU definitively within the next three years.
“The UK faces a period of prolonged uncertainty over the next few years which is reflected in the EY ITEM Club’s revised assessment of its economic prospects.
“However, it’s positive to see Channel Islands organisations already recognising the opportunities post Brexit. We hope this report will be a prompt for other organisations to begin scenario planning, so they are best positioned to leverage the opportunities and mitigate any threats as a result of the Brexit vote. Businesses should recognise that whilst they see opportunities their competitors do too.”
Nearly a quarter (23%) of respondents in Guernsey and 13% of respondents in Jersey believe Brexit will have a positive impact on the Channel Islands.